hSenid’s Rs. 619 m IPO notches record oversubscription of over 13 times

hSenid Business Solutions’ Rs. 619 million worth Initial Public Offering (IPO), first for Sri Lanka’s IT/BPM sector, has been oversubscribed by a record 13.5 times. 

The IPO involved 55.4 million ordinary voting shares at Rs. 12.50 each. Post-closing on its official opening day, 10,602 applications requesting for Rs. 9.3 billion worth of applications.

Payments via guarantees drew highest applications in terms of value (Rs. 5.18 billion) though numbers were only 69. However, payments made by bank drafts and cheques saw 3,515 applications worth Rs. 2.68 billion and payments via RTGS, SLIPS, CEFTS transfers were 7,018 applications worth Rs. 1.48 billion.

hSenid’s draw superseded that of Ex-Pack Corrugated’s IPO which was oversubscribed by 11 times and Capital Alliance (CALT)  which saw over 9 times demand. 

The IPO for Sri Lankan multinational software solutions provider hSenid was managed jointly by NDB Investment Bank and CT CLSA Capital.

hSenid IPO and its success is an eye opener for rest of the sector whilst it offered the public to invest in a whole new sector of the economy, and potentially Sri Lanka’s most promising sector for future growth. 

Funds raised will be to finance product development and market development, along with strategic acquisitions in the APAC and East Africa regions.